Minnesota Short Sale Expert

When a decision is made by a homeowner to proceed with a short sale one of the qhestions that is always asked is “when do I need to move out”?. The answer is quite simple actually. 

The short sale process is very much the same as a regular sale of any other property with the exception that it will take longer to get a decision and a closing date set. Once the lender(s) approve the short sale they typically will require that the transaction be closed within 30 days. This gives the homeowner the time to find alternative housing. Some times though the process may move quickly and the closing may get done within a couple weeks after lender approval. Most homeowners facing this situation will be renting somewhere after this process is completed so I tell them to start looking during the process and if they find a place that fits what they are looking for at that point they need to decide whether to move out early or not. 

The bank does not own the short sale property the homeowner does. You do not need to move out anytime before the actual closing date. Stay in the home and start searching for a new place during the time when the short sale is in prtocess.

This is a question that I am sure many people are thinking about because it comes frequently in conversation when I speak with people about their situation. I guess I can’t blame people for thinking about any and all potential options to try and stay in their home even after they do a short sale. I realize that it is very difficult to have to uproot a family and end up renting somewhere when you are so used to owning your home. However, keep in mind that the lender that has the note(s) on the property is taking a loss and they are not interested in selling a home to your brother knowing full well that there is a reason for this happening.

The lenders realize that your brother could do some pretty “shifty” things to get the property back in your name and allowing you to never leave.  Again, this is potentially a way for you to “benefit” while the lender is taking a loss. If you are in a situation where you need to proceed with a short sale it makes sense to handle it the right way without any hint of fraud or misconception. This will only lead to more troubles.

If you or anyone you know is in need of a short sale expert please do not hesitate to call me directly.

The current real estate market continues to be one of the best times in our history to purchase real estate because of the prices that continue to decline. We have never seen the kinds of numbers that we are right now with the sales of active properties. Nearly 58% of all homes that are listed for sale and that receive an offer are either a short sale or a foreclosure. You might ask why would people purchase these homes. They must need a tone of work to even live in.

It is true that some of the “distressed” properties (short sales and foreclosures) will require extensive updating and repair work to even be able to live in the properties. Some of them may even need a complete rehab. However, in many cases these homes happen to be someone’s family home where they kept it up nicely as they lived there. Unfortunately the family fell on hard times and could no longer afford to pay the mortgage resulting in them either attempting to short sale the home OR letting it slip into foreclosure.   

These homes that have not been neglected offer a buyer a very good opportunity to purchase a home at a very discounted price and it may only need a bit of a “spit shine” to bring the property back to a great condition. This is why there are 58% of all sales that are short sales or foreclosures. Many buyers are willing to possibly put in a little money to update a property rather than pay many thousands more for another property that is very similar.

If you a looking for deep discounts and great deals in our marketplace I would suggest at least considering viewing short sale and foreclosure properties. If you would like a list of these properties please contact me and I can send them automatically to your email.